Hi allI need some advice please?

[Skippy]

Good luck Voodoo, I hope everything works out for you x

[voodoo]

Hi all

The equity is still there as i had valation done last week and my house has increased in value by £1,000 to £90,000.

The morgage owed is £61,500 with a £3,000 penalty =£64,500 as i did a mortgage review 2 years ago for a better fixed rate deal (5 years).

So there is equity in the property.

With this information do you think they would opt for bankruptcy or do you think they would accept half my reduncancy which would complete 5 full years of payments into my iva, witout releasing the
equity.

Thanks all

[David Mond]

With what you are proposing to offer what will that give in a dividend payment compared to what was originally estimated?

[voodoo]

Hi the proposal was for 50p in the pound.

In total including ip fees over 5 years totals £25,000
Plus £15,000 equity release was in total £40,000.
Minus the ip fees i think the payback would eqate to 25p in the pound.

Thanks

[MelanieGiles]

You may struggle with that sort of offer, given the equity that you have in the property. Is the property jointly owned or in your sole name?

[voodoo]

Hi all

The mortgage is joint with my husband, it is also a joint iva.

Thanks

[MelanieGiles]

Time now to discuss this directly with your own IP to set your mind at rest as to the options available.

[voodoo]

Hi all

Just thinking ahead, does anybody know the costs involved for x2 bankrupcies, or with being married would this be taken into account
and only classed as x1.

Thanks

[kallis3]

Hi Voodoo.

They are classed as seperate, and will cost £495 each (court costs).